Cordray Wins CFPB Nod from Senate Banking Committee

Sam Gilford, committee press secretary, said the 12-10 vote was along party lines, with all 12 Democrats on the committee voting to approve Cordray's appointment and all 10 Republicans voting against it.

The next step in Cordray's nomination process is a vote by the full U.S. Senate. Senate Republicans have vowed to block the vote, instead preferring Cordray be replaced by a five-person committee.

CUNA said it backs a multi-member panel of directors as proposed by congressional Republicans if it includes seats statutorily designated for credit union system representatives, including a state or federal credit union regulator, and possibly a state consumer agency representative.

Mary Jo White was also approved by the committee Tuesday to join the Securities and Exchange Commission board. White was approved by a 21-1 vote, the committee said.